If it were up to Indiana fans, Mike Woodson would be out of a job as of this morning, but of course, that would probably cause a lot more harm than good right now. So instead, they are making their feelings known during games, like last night when they chanted "Fire Woodson" during the first half and then deserted the student section.
As a former Indiana Hoosier himself, Woodson knew what he was stepping into when taking the head coaching position in 2021, taking over for Archie Miller. Woodson knew how much this sport meant to the university, and to the state itself.
When hired, Woodson was signed to a six-year contract through March of 2017, but in 2023, after leading the Hoosiers to back-to-back NCAA Tournament appearances in his first two seasons, he was rewarded with a pay raise.
Woodson went from making $3 million a year to roughly $4.2 million a year after 2023.
So even though two seasons ago, the Hoosiers were happy to keep Woodson around, now fans are ready to see him go. So how much would Indiana have to pay Woodson if they chose to let him go early.
How much is Mike Woodson's buyout at Indiana?
There are a few tricky things about Woodson's buyout at Indiana. When the Hoosiers gave him his pay raise in 2023, they also changed some of the wording when it came to his buyout in his contract. In his original contract, Woodson would have been owed 100% of his remaining pay through March 21, 2025, if he had been fired before then, and then 50% after until the end of his contract in 2027.
Under his revised contract in 2023, Woodson got an extra year of full buyout protection, meaning he would be owed all remaining guaranteed money, which was roughly $8.4 million, which would be reduced per month through March 20, 2026.
However, Indiana could also choose to fulfill his buyout in annual lump sums of $1 million until it reaches what he is owed, which helps with financial strains on the university.